A B C D E F G 1 Chapter 8: Applying Excel 2 3 Data 4 Year 3 Quarter 1 2 3 4 1 2 45,000 65,000 105,000 60,000 90,000 100,000 5 Budgeted unit sales 6 7 • Selling price per unit •Raw materials required to produce one unit 7 per unit $ 65,000 75% 00 8 • Accounts receivable, beginning balance 9 •Sales collected in the quarter sales are made 10 • Sales collected in the quarter after sales are made 11 • Desired ending finished goods inventory is 12 Finished goods inventory, beginning 13 14 15 16 • Raw material costs 17 • Raw materials purchases are paid 18 and 19 • Accounts payable for raw materials, beginning balance $ Desired ending inventory of raw materials is • Raw materials inventory, beginning 25% 30% of the budgeted unit sales of the next quarter 12,000 units 5 pounds 10% of the next quarter's production needs 23,000 pounds 0.80 per pound 60% in the quarter the purchases are made 40% in the quarter following purchase 81,500

A B C D E F G 1 Chapter 8: Applying Excel 2 3 Data 4 Year 3 Quarter 1 2 3 4 1 2 45,000 65,000 105,000 60,000 90,000 100,000 5 Budgeted unit sales 6 7 • Selling price per unit •Raw materials required to produce one unit 7 per unit $ 65,000 75% 00 8 • Accounts receivable, beginning balance 9 •Sales collected in the quarter sales are made 10 • Sales collected in the quarter after sales are made 11 • Desired ending finished goods inventory is 12 Finished goods inventory, beginning 13 14 15 16 • Raw material costs 17 • Raw materials purchases are paid 18 and 19 • Accounts payable for raw materials, beginning balance $ Desired ending inventory of raw materials is • Raw materials inventory, beginning 25% 30% of the budgeted unit sales of the next quarter 12,000 units 5 pounds 10% of the next quarter's production needs 23,000 pounds 0.80 per pound 60% in the quarter the purchases are made 40% in the quarter following purchase 81,500

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Coronado Industries had sales in 2021 of $5,521,600 and gross profit of $893,200. Management is considering two alternative budget plans to increase its gross profit in 2022.Plan A would increase the unit selling price from $8.00 to $8.40. Sales volume would decrease by 101,500 units from its 2021 level. Plan B would decrease the unit selling price by $0.50. The marketing department expects that the sales volume would increase by 105,560 units.At the end of 2021, Coronado has 32,480 units of inventory on hand. If Plan A is accepted, the 2022 ending inventory should be 28,420 units. If Plan B is accepted, the ending inventory should be equal to 48,720 units. Each unit produced will cost $1.5 in direct labor, $1.3 in direct materials, and $1.2 in variable overhead. The fixed overhead for 2022 should be $1,538,740.
The company just hired a new marketing manager who insists unit sales can be dramatically increased by dropping the selling price from $8 to $7. The marketing manager would like to use the following projections in the budget: Year 2 Quarter Year 3 Quarter Data 1 2 3 4 1 2Budgeted unit sales 45,000 65,000 120,000 65,000 80,000 90,000Selling price per unit $7 What are the total expected cash collections for the year under this revised budget?What is the total required production for the year under this revised budget? What is the total cost of raw materials to be purchased for the year under this revised budget? What are the total expected cash disbursements for raw…
Can you help with Budget Drill #8?
Current Attempt in Progress * Your answer is incorrect. The controller is waiting on Blue's budgeted cash disbursements so the cash budget can be wrapped up for next month, but Blue has just received the DM purchases budget from production. That budget shows DM purchases of $96,300 in March and $62,500 in April Blue generally pays 30% of these purchases in the month of purchase, with the remainder paid the next month. How much should Blue budget for cash disbursements for the month of Aprit? What is the budgeted balance of A/P going into May? $ Total cash disbursements A/P balance at end of April $ eTextbook and Media 129910 86160 Attempts: 1 of 2 used Submit Answer
15. Texas Company has begun selling new chili recipe and they want you to help with next year's budgeted financial statements. Using the worksheet below, complete Texas Company forecast and answer the questions which follow. Assumptions: To begin with, Texas Company is sure sales will grow 40% next year. Assume that is true. Then assume that COGS, Current Assets, and Current Liabilities all vary directly with Sales (that means if sales grow a certain percentage, then the account in question will grow by that same percentage). Assume that fixed expenses will remain unchanged, and that $3,000 worth of new Fixed Assets will be obtained next year. Lastly, the current dividend policy will be continued next year. Texas Company Financial Forecast Estimated This Year for next year $45,000 $5,000 40,000 Sales COGS Gross Profit 3,000 37,000 Fixed Expenses Before-Tax Profit Tax @ 33.3333% Net Profit 12.332 24,668 Dividends $0 Current Assets $30,000 20,000 $50,000 Net Fixed Assets Total Assets…
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The company just hired a new marketing manager who insists unit sales can be dramatically increased by dropping the selling price from $8 to $7. The marketing manager would like to use the following projections in the budget: Year 2 Quarter Year 3 Quarter Data 1 2 3 4 1 2 Budgeted unit sales 45,000 65,000 105,000 60,000 90,000 100,000 Selling price per unit $7 What is the total cost of raw materials to be purchased for the year under this revised budget?